What Are the Privacy Implications of iPhone 11 Ultra Wideband?

The iPhone 11 models have a new chip called U1 to enable ultra-wideband (UWB). It allows for precise location tracking. Apple says it lets these phones have "spatial awareness" so the iPhone 11 Pro can figure out its location in relation to other U1 chips. A use-case is pointing your iPhone at another iPhone so AirDrop will prioritize that device when it comes to sharing files. But what happens when retail stores can track your chip? Essentially, the new chip is a marketer's dream in a box. Shop...